Blowout auction event sees almost $20 million worth of homes sold

One of August's biggest auction events saw $19.9 million worth of property sold in under three hours, all from just ten different homes. FOLLOW AUCTIONS LIVE

8 Shottery Street, Yeronga

One of August's biggest auction events saw $19.9 million worth of property sold in under three hours, all from just ten different homes. 

Ray White's Collective auction event for August took place Saturday morning, with 21 homes available to bid on.

More than 90 registered bidders attended, both in-person and over the phone, to place bids for homes that went for up to $5.9 million.

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The most popular home was 8 Shottery Street, Yeronga, a three-bedroom, one-bathroom home with 25 registered bidders going at it to get the property.

The home was in its original condition: a small cottage with stained carpets, peeled paint and worn over time.

Even Ray White New Farm agent Meaghan Bakker described the home as needing "a little TLC".

The home has had years of use, and has long-since started to show its age.

But that didn't stop buyers for a second, noticing the location and the opportunity for redevelopment. Three dozen bids later, someone had won the property under the hammer.

With a starting bid of $800,000, bidding shot up to over $1 million within two bids, increasing by over $200,000 after that.

The auction soon was a competition between two bidders, each of them trying to inch out the other's offer.

One family finally took home the property, with a final bid of $1.2155 million, winning with a $500 bid.

Hundreds filed in and out of the event on Saturday morning, with more than 90 registered bidders attending in-person and online. Picture: Nicholas Finch

The sales ranged from $1 million flat for 89 Illuta Ave, Ferny Hills, to $5.901 million for 1031 Brunswick St, New Farm.

Ray White New Farm agent Matt Lancashire said the event was a good showing, with several auctions being won by those who had never even seen the properties they now owned.

"We've got three separate buyers who've been bidding sight unseen on property," he said. "They consider it to be of value ... they look at the investment."

Four additional homes had already been sold prior to the start of the event.

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